Four new online application processes were added to the site this month. Consumers can apply online in approximately five minutes for a home equity line of credit, personal line of credit, home equity loan or personal installment loan.
After submitting an application, the consumer receives a username and password for privacy protection and is sent an e-mail verification that the application has been received. Normally within one business day, a second e-mail is received that directs the consumer back to the site. By visiting the Web address provided and entering the username and password, the applicant then can learn whether the loan has been approved and receive additional information.
"Delivering Wachovia’s credit services online provides a quick and efficient channel for customers," said Thomas W. Trotter, head of Wachovia’s Consumer Credit Services. "The web site brings the bank to customers in a convenient way, 24 hours a day, seven days a week, from any physical location with a computer connected to the Internet."
The web site also provides a six-question worksheet to help consumers determine the right credit product for their borrowing needs and preferences. Additional information is provided on each type of credit product, including a product summary and the most common uses. Additional calculators are provided to help answer related credit questions.
The four new online applications join application forms and information previously available on the web site for mortgage loans, auto loans and credit cards.
"We believe the web site is one of the most extensive resources for assisting consumers with financial needs that is available today among banking sites, including the new Internet banks that provide services exclusively online," said Lawrence G. Baxter, head of Wachovia’s Digital Financial Services.
Wachovia Corporation is a leading bank holding company with Wachovia Bank, N.A. its principal subsidiary. At Sept. 30, 1999, Wachovia had assets of $65.8 billion. Wachovia Bank, N.A. has more than 700 offices and 1,300 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.
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